James Dolan looking to sell WNBA’s Liberty after 21 years

There was a time when news of Jim Dolan selling a basketball team was grounds for a parade and party in Times Square like the one they threw after World War II.

Relax, Knicks fans. The team Dolan is selling is the Liberty, the original WNBA franchise Madison Square Garden has owned since 1996.

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MSG announced its intention to sell the franchise Tuesday.

"We have been a strong and vocal advocate for the Liberty and the WNBA since the beginning. As the last original owner, I am proud of how far the league has come, and the role we have played in its growth," Dolan, the Garden's chairman and interim CEO, said in a press release. "This was a difficult decision for us, which we made after carefully assessing the needs of our business. We are confident that new ownership can build on the foundation we established over these last 21 years, and steward this incredible franchise into an even more successful future."

The New York Liberty, one of the original 8 WNBA franchises, is for sale. (Mary Altaffer/AP)

While the Knicks are valued at a whopping $2.5 billion, the Liberty has been losing money for years, which Dolan has publicly complained about. In an interview with HBO "Real Sports" in 2015, Dolan said, "It hasn't made money. Its prospects of making money … are still slim."

For as long as the Liberty has been in existence, it has been the best basketball team to call the Garden home. The Liberty is the second winningest franchise in WNBA history, qualified for the playoffs in 15 of the team's 21 seasons, and helped to elevate the status of women's basketball.

Thomas, the former Knicks coach and executive was found to have contributed to a hostile work environment in a lawsuit brought by former Garden executive Anucha Browne Sanders in 2007, has ironically been running the Liberty the last two years. The Garden had to pay her a $11.5 million settlement.

Among Dolan's long list of questionable and offensive moves, putting Thomas in charge of a professional women's team ranks near the top.

"I would like to thank Isiah, and the Liberty players and coaching staff, who have made great progress in strengthening and growing the franchise," Dolan said. "Under Isiah's leadership, the team has broadened its roster of top sponsors, increased its passionate fanbase, and developed a solid team built for long-term competitiveness.

"The Liberty now presents a tremendous opportunity for a new owner to bring new resources, creativity and focus to ensure the team becomes an enduring success."